ASR score could override balance-sheet OJVL with a 6-month lock-in. If triggered, MTM cannot start new insured projects for 6 months. This is a revenue death sentence for the $25M path. No owner assigned as of May 13 — Harrison forwarded conditional approval but no action taken. T031 due May 14.

Simonne Shepperd is waiting. Insurers are aware of the unsigned contract — this means the liability exposure is known and unresolved. Project cannot start. Bernie cannot rebuild Q-01019 until 4 scope questions are answered. SC7 clause response not sent. Every day Simonne waits increases the risk she engages another builder. All three blockers were due May 13.

$10-11M cap is 25-35% below market median ($15M Q1 2026). Vested Equities approached Otetto — that's leverage. You're pricing the deal as if you have no leverage. That's the tell. Kurra also identified conflicting raise structures: IM v10 ($16M bundled Yieldtech+LC) vs single-entity $10-11M in operational data. Must be resolved. Proposed range: $13M-$16M combined depending on structure chosen.

Senior CM hire approved at $8.5M rate/terms. This is the single most important MTM enabler per the North Star strategy. Broker details needed from Harrison to activate the referral pipeline. Romain ANNE inbound application (May 12) also needs assessment. Without a Senior CM, the $25M path has a structural ceiling.

$8.5M HBCF limit approved, $4.25M utilised, $4.25M available. This is the binding constraint on MTM growth. Without filling this capacity, the Phase 1 target of $10M is structurally limited. Immediate targets: Greenwich, Balmoral, Mosman (Cong Ong). Each contract needs to be assessed against remaining HBCF capacity before commitment.

Letter of offer drafted and sitting in limbo. Michael is a third leading hand you need — Nathan is onboarding, Elliot leaves in 16 days, Luke is on a PIP. Indecision on this LOO is already a decision. Every week it sits unsigned, Michael moves on. With Luke on a KPI plan, losing Michael means you're short a leading hand heading into Elliot's leave window.

Outstanding since January 2026. Client name is known by Christo but not logged in any system. No recovery owner assigned. No timeline. This is cash sitting in debtors with no active collection. At the same time MTM is pursuing growth funding, this unrecovered receivable represents working capital that's already been earned.

Elliot returns approximately July 10. The 30-day review on June 6 falls 8 days into Elliot's absence. Between June 6 and July 10, Nathan runs all active projects independently with no senior PM backup. Freshwater has a live variation dispute. Bronte will be mid-build. If the kick-off pack (T034) isn't built by May 15, the 34-day solo window becomes dangerous. Elon flagged this as a trial by fire.

Three P0 legal items remain unexecuted: (1) IP assignment to Yieldtech, (2) founder vesting schedules, (3) SAFE side letter governance docs. Any investor's counsel finds these gaps in 10 minutes. The data room cannot open until all three are resolved. Kurra flagged these as blocking. Einstein confirmed CodeMark timeline at 9-18 months — start consultation Q3 2026.

Variation reconciliation document not yet built. T021 assigned to Bernard, due May 15. "Hold maximum position" instruction is live. At 36% complete with $1.27M remaining, any concession on variations directly impacts project margin. Elon flagged this as a live commercial dispute requiring Christo's personal attention, not just an admin task for Bernard.